Finance Ministry may have nothing to do with PMC Bank scam directly because RBI is regulator: Nirmala Sitharaman


Union Finance Minister Nirmala Sitharaman on Thursday said that her ministry had nothing to do with the Rs 4,355 crore PMC Bank scam, which has adversely affected lakhs of customers. Speaking to reporters at the BJP office in Mumbai, Sitharaman said that the Reserve Bank fo India was the regulator of the crisis-ridden bank.

Nirmala Sitharaman


” Finance Ministry may have nothing to do with it (PMC bank matter) directly because RBI is the regulator. But from my side, I’ve asked the secretaries of my ministry to work with Rural Development Ministry & Urban Development Ministry to study in detail as to what is happening,” Sitharaman was quoted by ANI as saying.

Angry customers had staged protests outside the BJP office, the venue of her press conference today. Sitharaman said that she had asked asked the secretaries of her ministry to ‘study in detail as to what is happening.’ “Representatives of RBI will also be there to understand shortcomings, what happened, & also to, therefore, if necessary, look at the ways in which the respective Acts will have to be amended,” she added.

The Mumbai Police last week arrested the father-son promoters of Housing Development and Infrastructure Limited (HDIL) after they were accused of defaulting on a loan of Rs 6,500 crore owed to the crisis-hit Punjab and Maharashtra Cooperative Bank. The company owned by Rakesh Kumar Wadhawan and his son Sarang Wadhawan reportedly sponsored Kolkata Knight Riders – an IPL cricket team owned by Bollywood actor Shah Rukh Khan, was the organiser of a glorious Mumbai fashion event, HDIL Couture Week India and also had stakes in Adhikari Brothers’ firms and Hindi news channel Live India.

Alankar said that she was facing a huge financial crisis because of the government’s cap on the withdrawal of her own money. The government had first announced the cap to be Rs 1,000, which was later increased to Rs 25,000 per customer for over a period of six months. The actress said, “I had accounts in other banks, too, which I transferred to this bank a few years ago. Little did I know that my family members and my life savings will be frozen like this… How am I expected to survive without money? Should I mortgage my house now? Why is there a cap on my own hard-earned money? I have been diligently paying income tax, so why am I suffering today?”


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